The following information was taken from the financial records of Stormer Company for the year ended December 31, 2023:

Retained earnings balance at December 31, 2023 $130,500

Cash dividends declared for the year $50,500

Proceeds from the sale of equipment $85,500

Gain on the sale of equipment $7,900

Cash dividends payable at the beginning of the year $22,500

Cash dividends payable at the end of the year $25,400

Net income for the year $96,500

Use the above information to calculate the amount of cash dividends Stormer paid during the year.

Multiple Choice

$11,600.

$47,600.

$49,600.

$73,000.

$51,600.